If you're transferring your assets from Vest to another financial institution through an ACAT OUT process, keep the following in mind:
1. Who should start the process?
The transfer must be initiated from the platform you're moving to. In other words, you need to ask the new institution to request the transfer of your investments from Vest.
2. How long does it take?
Once the request is correctly initiated, it may take 5 to 7 business days. During this time, your account will be frozen, meaning you won’t be able to trade.
3. How much does it cost?
The cost for this process is $65 USD. This amount is charged directly from your investment account, so make sure you have that balance available for withdrawal in your portfolio before starting.
4. What kind of assets can be transferred?
Only whole shares can be transferred. If you hold fractional shares, you can sell or round them before starting the process.
If you’re not sure how to do it, check this guide:
👉 How do I sell my fractional shares?
5. Can I transfer only part of my portfolio?
Yes, partial transfers are possible. But keep in mind that your account would be automatically closed, so please let us know once the transfer is complete so we can contact our custodian and reopen your account.
If you're making a total transfer, we recommend not placing any new orders once the process has started until it’s completed.
6. What if I have stock lending enabled?
You’ll need to disable the stock lending feature before transferring.
Here’s how you can do it:
👉 How to disable stock lending
If this feature is active, the system won’t allow the ACAT OUT to proceed.
7. Who holds my assets in custody?
Vest uses DriveWealth as our custodian, so that’s the name the receiving institution should use.
8. What details might I be asked for to complete the transfer?
Clearing number: 2402
Custodian name: DriveWealth LLC
Custodian address: 15 Exchange Place, 10th Floor, Jersey City, NJ 07302
Account holder's name: [Your full name]
Account number: SPFI-001-XXXXXXXXXXX